By 2025, PhRMA reports US Pharmaceutical jobs could be 60% vacant from a lack of effective education policies coupled with growing competition from other countries. A robust STEM (science, technology, engineering and math) workforce is absolutely crucial to the future of the biopharmaceutical sector.
How has the US reached this point?
The Pharmaceutical industry is research intensive, and all aspects from R&D to manufacturing require highly-skilled workers. This shortage of skills will get worse as drug development gets more complicated. US Government shoulders some blame by neglecting education in these areas, just as competitors including Australia and China have been ramping up their efforts. In 2016, China had 4.7 million recent STEM graduates, compared to just 568,000 in the US.
According to vice president of policy and research at PhRMA Anne Pritchett, there is a real danger the country’s pharmaceutical industry could fall behind its competitors if nothing changes: “Research and Development (R&D) intensive industries like ours could be located in any country. If we get to a point where the policies and the STEM workforce in another country outweigh what we have in the US, there’s a real fear that we will lose our competitive edge.”
Pritchett points to a few keys areas where US needs to be able to analyse the increasing amount of ‘Big Data’ in order to assess efficacy, safety, as well as, real world evidence in developing new medicines.
To access the full report and to learn about STEM education policies in the US, please follow link below:
Everyone finds themselves in a rut in their career sooner or later. Is it time for a new job? Maybe a new career? Here are some insights and questions one should ask oneself… See today’s Fortune article: http://fortune.com/2017/06/21/dev-bootcamp-knowing-when-to-quit/
Leadership Hunterdon Consulting Team (LHCT) recently released its findings regarding tech sector growth opportunities in Hunterdon County: “A Case and Framework for Tech Sector Growth in Hunterdon County” – see full report link below.
I had the privilege of speaking at the Graduation Dinner on behalf of, and as a graduate of, the Leadership Hunterdon Class 2017.
Overview: The Leadership Hunterdon Consulting Team (LHCT) reviewed the feasibility of creating and growing a sustainable Tech Sector in Hunterdon County, as well as, strategies to attract technological resources and a high-tech workforce to the County.
The population in Hunterdon County is aging, while Millennials are moving out of the county due to a variety of reasons, including a lack of high-wage, quality jobs. LHCT believes there is a vast and immediate opportunity in the technology sector for the following reasons: (1) higher paying jobs, (2) attracts the younger generation, (3) a small physical footprint, and (4) crosses multiple sectors.
A Technological Center will have an immediate, positive impact on economic development within the County by creating new, high-wage jobs and a better way of life for those attracted to these jobs. Nourishing a technology cluster in the county will encourage a younger, financially secure population to work, play, and live in the county. A small but growing tech sector already exists in the county, but has been disjointed and lacks networking and growth opportunities. A concerted, dedicated effort to grow and sustain these existing tech companies and individuals is necessary. Developing shared work spaces, for example, will help bring the technology and the minds driving it together by provide a platform for nascent technologies to “incubate.”
The LHCT concluded that the county is well-suited and ready to make this a reality and grow it with a long-term, multivariable effort to further develop and sustain this sector.
Click on image below to access the complete report and findings of the White Paper
There are many negative implications of a poor hire, but one not readily recognized is its impact on a company’s reputation, inside and out. The wrong hire can be viewed externally, as well as, internally as a red flag about a company.
Your Company’s Reputation
As the economy rebounds and competition for top performers intensifies, companies cannot afford to make the wrong hire, especially when trying to attract Millennials. Even a bad experience by a potential candidate, whether hired or not, can impact a company’s reputation. And in this day of social media, these situations can have instant & far-reaching effects on candidates, employees and a company’s workplace.
In an effort to avoid wrong hire, companies are beginning to pay greater attention to the candidate’s experience from the beginning of the hiring process. Companies that actively engage all parties in the process, tend to identify and attract the right candidates quickly, and therefore, hire the best talent. The recruiting firm needs to be part of this process from the beginning. The recruiting firm can bring an objective perspective, streamline the process, and in most cases, can bring best practices to their clients.
A well-developed and efficient hiring process, will keep everyone aligned throughout the process, and will allow the recruiter and the company to develop a positive relationship with the potential candidate built on mutual trust.
This will drastically decrease the probability of a wrong hire!
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Exactly eight years after the Great Recession ended, the U.S. job market has settled into a sweet spot of steadily solid growth,” according to AP (6/1, Boak). AP added, “the 4.4 percent unemployment rate matches a decade low,” and, “many people who had stopped looking for jobs are coming off the sidelines to find them.” The article states that “all told, it’s evidence of an American economy that is running neither too hot nor too cold, with growth holding at a tepid but far from recessionary 2 percent annual rate.”
For complete article, visit http://www.startribune.com/us-job-market-looks-solid-8-years-after-recession-ended/425728393/
Three out of four U.S. adults (75%) have never heard of the term “gig economy,” according to the results of a new American Staffing Association Workforce Monitor® survey conducted by Harris Poll. Roughly three in 10 Americans (29%) don’t know how to define the term, and 31% cannot identify specific types of gig work.
Without a definition, most U.S. adults (85%) say they may have performed work one might consider “gig” at some point in the past. However, after being given a definition that describes gigs as various forms of small-project, freelance assignments typically facilitated by an internet platform or app, that percentage drops to 20%, the survey results show. A large majority of Americans (78%) see the gig economy as a new way to describe the kind of nontraditional work arrangements that have been around a long time. More than half (53%) disagree that the U.S. will evolve to predominantly a gig economy within the next 20 years.
To read to full article, please follow link below:
Have you ever made the wrong hire?
There are 3 significant, but sometimes intangible, issues to consider when hiring – time, money and morale. I will address time & money here, and morale in next article.
According to a recent Society for Human Resource Management’s (SHRM’s) Human Capital Benchmarking Report, it can cost up to $4,129 (cost-per-hire) to land a new employee. In the current economic times, however, companies can’t afford to miss out on great talent, and perhaps more importantly, make the wrong hire.
Time kills deals, and recruiting momentum is no different. Companies that drag out the process, usually can end up with less-then-perfect hires at higher prices. Sensing a prolonged hiring process, top performers will drop out of the pool within days or weeks, for example, thus reducing the quantity and quality within the talent pool. Only individuals with fewer options or little time to seek alternatives, will remain actively engaged in the process. And of those candidates who stay in the process, cost to hire them can increase substantially as a result of negotiating higher offers in order to outbid the competition.
By outsourcing recruiting to an experienced recruiting firm, a company can drastically improve the speed, reduce costs and drive successful hiring campaigns. Recruiting firms are faster and more efficient, in part, because they recruit every day. The best recruiting firms, however, must also stay on top of latest tools & techniques. And finally, they must stay abreast of the changing needs of their clients, as well as, the daily shifts in the marketplace of top talent.
James F. Lynch PhD, MBA, CSP
Have you ever made the wrong hire?
Do you realize the real costs to your organization?
To name a few, there are the sunk costs of the hire, plus the cost to re-start the process, potential litigation in dismissing the employee, diversion of time & resources and the organizational fatigue to start the hiring process again, and finally, the negative impact on your company’s morale and reputation. You can’t afford to make another poor hire.
Even before the organization accepts that they have made the wrong hire, it can absorb up to 17% of a Manager’s time to manage a poor performing employee. That could amount to anywhere between $10,000 or more per year, not including lost productivity of the Manager. Add all this up and the real cost of the wrong hire could be in the tens to hundreds of thousands of dollars, excluding intangibles such as company reputation, morale and lost productivity.
How to Avoid the Wrong Hire…
Competition for top talent is fierce. Hiring Managers say with consistency, “I need smart, motivated and resourceful people.” The question is, how does one uncover these traits?
While the resumes list all the candidate’s accomplishments, these are self-reported and a retrospective view of past performance within a different company. Will this new hire be successful in the new company with its unique management styles, culture, challenges, systems, goals and expectations?
A key predictor of a candidate’s success, we have found, is their attitude. To succeed in today’s ambiguous workplace, candidates must bring a high-degree of resourcefulness and ability to quickly adapt to change. Every company knows, no matter the size or industry, it needs to be agile in this ever-changing economy. Attracting top talent doesn’t always mean the smartest, but those with outstanding attitudes, high-degree of resourcefulness and adaptiveness.
The interview is not only to verify the accomplishments listed on the resume, but to access the candidates’ attitude toward their future and their career within the company seeking to hire them. This is one way experienced recruiters find the stars in the new and evolving workplace!
James F. Lynch PhD, MBA, CSP
Every day I get to speak with many business owners and decision-makers across many industries. I consistently hear the same staffing problems, “I need smart, motivated and resourceful people.” The question is, how does one uncover these traits from the hundreds of resumes received each week?
While the resumes list all the candidate’s wonderful accomplishments, these are a retrospective view of past performance. The question is, will this person be successful in the new company with its unique culture, clients, challenges, requirements, etc.
A key predictor of a candidate’s success, I have found, is their attitude. The reason attitude is so important, I feel, is because it can be a key driver of one’s resourcefulness. In order to succeed in today’s ambiguous workplace, candidates must bring a high-degree of resourcefulness. They question“why are we doing it this way?”
Attitude assessments must be part of the overall interview process. There are standard on-line assessments, however, an experienced recruiter with great interviewing skills and instincts, can uncover true attitude, as well as, the underlying personality traits that drive that attitude. Behavioral interviewing with specific conversations into particular situations, and experiences can uncover surprises –good and bad.
In terms of resourcefulness, many of the newly-minted graduates seem to fear failure. Failure should be seen as a learning opportunity in any organization. The key word here is to “learn” from it and to share it with others so that the company can become more competitive as an organization. In this new workplace, star employees thrive on ambiguity, and more importantly, they see it as an opportunity to garner resources in new ways to get the job done, better! Failure is all part of this process.
The interview is not only to verify the wonderful accomplishments listed on one’s resume, but to access the candidates’ attitude toward their future, their career, and the opportunity as presented to them. This is one way experienced recruiters find the stars for the new world!
James . Lynch PhD, MBA
Regional Personnel is a privately-owned, boutique staffing and recruiting firm located in Hunterdon County providing service throughout New Jersey. As trusted, ASA-certified staffing professionals with 31+ years of combined staffing and employment experience, we match top talent with businesses of all sizes. We provide a unique and personal experience that no other staffing agency in the area can match.
Current Staffing Options in New Jersey. Tune into https://lnkd.in/bAVSi4s, this Thursday (3/31) at noon to listen to Jim Lynch (President, Regional Personnel) discuss staffing in New Jersey. www.hunterdonchamberradio.com during Jim Gano’s (@jimgano83) segment “Takin’ Care of Business.”